23andMe will hold a new auction for its assets after former CEO Anne Wojcicki, through the TTAM Research Institute, submitted a $305 million bid, surpassing Regeneron's previous $256 million offer134.
The new auction process will start with TTAM's $305 million bid, and Regeneron must bid at least $315 million to remain in contention, giving TTAM two hours to make a final counter-offer before the bid closes to Regeneron3.
A $10 million breakup fee will go to the losing party, as agreed by both sides' lawyers in court3.
This new bid is a significant increase from TTAM's $146 million offer in last month's auction and far exceeds the initial $40 million bid before 23andMe filed for bankruptcy in March3.
The U.S. Bankruptcy Judge described the new auction terms as a 'very positive development' for equity holders3.
Sources:
1. https://www.genomeweb.com/business-news/23andme-hold-second-auction-round-wojcicki-tops-regeneron-bid
3. https://observer.com/2025/06/23andme-former-ceo-anne-wojcicki-bid-dna-data/